Argentina - Take USD, Reales or Credit Cards ?

Quick question to the gurus of the Argentinian Forum:

As posted in the Forum I´ll be in BA for 4 days next week. What´s the best option moneywise ?

I´ll pay the hotel and most of the meals with CC. For the extras what´s your suggestion ? Take currency ( USD or Reales ) and exchange it ? ATM´s ? Use the CC ?

I´m not looking to do anything illegal and don´t want to go into dark and cavernous places to change currency. :D but with the current 50% + difference on the official rate is certainly worth to ask.

Can't help you with the shady side of currency exchange part of your question but I would have thought using the ATM would be your best option.

Quick question to the gurus of the Argentinian Forum:

As posted in the Forum I´ll be in BA for 4 days next week. What´s the best option moneywise ?

I´ll pay the hotel and most of the meals with CC. For the extras what´s your suggestion ? Take currency ( USD or Reales ) and exchange it ? ATM´s ? Use the CC ?

I´m not looking to do anything illegal and don´t want to go into dark and cavernous places to change currency. :D but with the current 50% + difference on the official rate is certainly worth to ask.

Just about anything is better than an argentine peso. I exchange USD with friends and relatives. I always carry pesos for incidentals - public transportation, taxis, groceries and small purchases. Stores and some restaurants will gladly take your USD at a better than official exchange. First negotiate in pesos, then offer USD and negotiate rate. It works.

--J

USD cash would be the best and most convenient.

Thanks guys! Off getting some USD then.

So what kind of rate is reasonable to expect if you use US$ to pay in a decent restaurant in BA?

I got 6.2 yesterday

So what kind of rate is reasonable to expect if you use US$ to pay in a decent restaurant in BA?

Please be careful with assuming things when wanting to get a good exchange rate at shops or restaurants. By the book, companies are supposed to take dollars at the official exchange rate, as a matter of fact, if a merchant or business gets caught taking dollars for anything over the 4.58 rate they get fined and will be investigated. This does not mean that merchants, restaurants and shops dont look the other way and offer a better rate, but please know that this means they are validating a black market exchange rate and are various tax and ForEx laws. What Im stating here is not an opinion, neither is it heresay... if you go into large Multinational Chain stores like Starbucks, you will see they post their exchange rate for US$ cash which is very close (a little lower actually) than the Official Spot Market rate. Large Global companies play strictly by the book... so this is a solid parameter for skeptics to judge what Im saying here.

Im not preaching here, just stating the facts. What is wrong is for anybody to demand a shop/restaurant/service provider to take US$ at anything other than the legal rate.... if you want to make sure you get the black market rate, then please trade your US$ cash and they pay in Pesos... else, if you want to pay with US$ cash and enjoy the benefits of the informal market rate, then please smile, negotiate, and play nice... and ask nicely about what special exchange rate the merchant or shop is willing to offer if you choose to give them US$ (or Euro) cash. It can be a win win situation for both if you are smart about it... if you want to extract the last cent off the presumed black market rate, then entire deal may just go sour... and remember, if you pay with your credit card you will be getting much worse than your the official rate, as your credit card issuer will probably slap on the ForEx fee, netting you an effective exchange rate of well below 4.50 to each Greenback....

Please be careful with assuming things when wanting to get a good exchange rate at shops or restaurants. By the book, companies are supposed to take dollars at the official exchange rate, as a matter of fact, if a merchant or business gets caught taking dollars for anything over the 4.58 rate they get fined and will be investigated. This does not mean that merchants, restaurants and shops dont look the other way and offer a better rate, but please know that this means they are validating a black market exchange rate and are various tax and ForEx laws. What Im stating here is not an opinion, neither is it heresay... if you go into large Multinational Chain stores like Starbucks, you will see they post their exchange rate for US$ cash which is very close (a little lower actually) than the Official Spot Market rate. Large Global companies play strictly by the book... so this is a solid parameter for skeptics to judge what Im saying here.

Im not preaching here, just stating the facts. What is wrong is for anybody to demand a shop/restaurant/service provider to take US$ at anything other than the legal rate.... if you want to make sure you get the black market rate, then please trade your US$ cash and they pay in Pesos... else, if you want to pay with US$ cash and enjoy the benefits of the informal market rate, then please smile, negotiate, and play nice... and ask nicely about what special exchange rate the merchant or shop is willing to offer if you choose to give them US$ (or Euro) cash. It can be a win win situation for both if you are smart about it... if you want to extract the last cent off the presumed black market rate, then entire deal may just go sour... and remember, if you pay with your credit card you will be getting much worse than your the official rate, as your credit card issuer will probably slap on the ForEx fee, netting you an effective exchange rate of well below 4.50 to each Greenback....

Wise words of advice.

I got 6.2 yesterday

Where did you get 6.2? And was there a special approach you used to get it? Do you need a good command of Castellano to get that rate? Is there a key to securing a good rate like that? This past and future Argentina tourist is seeking info to help have an enjoyable and good value holiday in less than 6 months from now.

Gaucho 100K, thanks for your advice. As you know I've been in Argentina many times but never at a time when there was a significant spread between an official rate and a black or blue rate for exchanging Pesos.

It is apparent from my research for my next trip that inflation in Argentina has vastly outpaced the small, steady devaluation of the official rate Peso. So prices for me at the official rate are a lot higher than during my last visit. With a spread as high as 47% a few days ago I'd be crazy not to consider alternatives to the official rate. I'm just trying to ascertain the best way of accessing the better blue rate, when, where, with what approach and all without causing anything unpleasant that detracts from my holiday experience.

I'm just trying to ascertain the best way of accessing the better blue rate, when, where, with what approach and all without causing anything unpleasant that detracts from my holiday experience.

Yes, I understand that and the interest that you and other visitors may have in making their hard currency go as far as possible.

The point of my post above is to help folks understand that what they are and are not entitled to. What I hate to see is that someone comes down to EZE and learns about the informal rate, and then proceeds to "demand" a certain rate they heard about at some point, not understanding things like market fluctuations, buy/sell spreads, and the various tax and regulatory implications that come into play.

I think the best approach is to keep yourself informed about what the market is doing, and ask nicely/politely. If you do everything with class and good manners, you will almost always find someone on the other side that is willing to cut you a decent deal. Of course, if you are at a shop that doesnt have a manager or someone that can make decisions on his/her own, this may also be an issue...

In the end, if you find you are not getting the deal that you want for your US$ cash, then you have the choice of either paying with your plastic or simply taking your business elsewhere... however it would be wrong to demand anything because as I state above, you cant hold it against anybody if they want to play by the book.

Gaucho100K, I agree entirely with your points. Any foreigner in any country making demands or having an entitlement mentality is looking for problems. That's not me.

I am exploring and trying to stay informed on what is happening. That's why I'm interested in Xoom.com. But they require a US bank account or credit card with a US billing address. With US paranoia about terrorists and drug dealers that's not easy to get, even for a Canadian. But I'm trying to see if my brother, who lives 5 minutes drive from the border, can set up a US account I can access.

I'm also reading online about certain cambios in BA. I'd like to find one that seems reliable i.e. I won't be peddled counterfeit Pesos for my US$. It seems there are some and I will certainly bring lots of cash to ensure I can convert at good rates. Then I will have Pesos for cash transactions including some hotels I'll stay at in Salta and Jujuy where the rates are in AR$, not US$. Paying those in AR$ cash acquired at the black or blue market rate represents a very substantial saving.

Using US$ to pay in a retail or restaurant setting is really option number 3. If I have enough cash acquired at good rates through Xoom or a cambio, it's not necessary. But it always helps to know the right approach and how prevalent that is.

As you suggest if the official rate is AR$4.58 and some-one offers me AR$6.20 I'm not going to start being anal and holding out for AR$6.35. The spread is already good and I will take it and run and have more $ to enjoy Argentina which is the purpose of the exercise. I could even spend it on better wine.

For what it's anecdotally worth,

On a gringos in Chile forum, there was a recent story of a tour group set to stay at one of the high end bodegas in Mendoza who turned back from Cristo Redentor after the Argentine officials said they could not enter with more than USD $1,000 cash (they had $3,600) or the excess would be confiscated.

Scalabrini Ortiz y cervinos right next to the Freddo I've done thousands of dollars there no Spanish.

If you speak Spanish use the cambio dudes on lavalle never a probelms there either.

I leave Tuesday if you want a tour guide to the blue dollar send me a pm, just pay the taxi and were square.

Scalabrini Ortiz y cervinos right next to the Freddo I've done thousands of dollars there no Spanish.

If you speak Spanish use the cambio dudes on lavalle never a probelms there either.

Thanks. I'm aware of that one and I've read of another on Arenales between Talcahuano and Libertad. It's an antique store and exchange. Maybe some FT members are aware of it.

Not to far from my place maybe I'll check it to tomorrow when I walk to breakfast at la Beila.

The western union place on Florida y lavalle has a back room cambio also.

My place is urugauy y talhucahano.

Not to far from my place maybe I'll check it to tomorrow when I walk to breakfast at la Beila.

Hope you found it. Here's how its been described online "If you are walking on Arenales toward 9 de Julio, it is on the left hand side halfway between the aforementioned streets. The sign outside says Exchange and Antiques."

It would be good to get your review of the place. When I start my long winter visit to Argentina in January I will be staying on Parera so this one seems close. I too like to start the day with coffee and the BA Herald at La Biela.

Can you share any more info on the one at Ururguay and Talcuhuano? Which street is it on? Is it easy to identify?

I found the place on Arenales today, sign on the door saying en rural till 8/2.

No my apartment is Uruguay y Talcuhuano not a casa de cambio azul

I found the place on Arenales today, sign on the door saying en rural till 8/2.

Krazyglue, have you had a chance to check out the Arenales cambio in the last few days?

My place is urugauy y talhucahano.

Almost neighbours....our city apartment is just around the corner in Uruguay and Paraguay.

US$ cash is the best bet in Buenos Aires.

With reference to a post above, is there a limit to the amount of cash a tourist can bring into Argentina? Also, my wife and I will be in Argentina for 2 months, so it sounds like we should bring as many $USD with us as is prudent. Are travelers checks a reasonable way to do this? I've read that they can be exchanged at banks and cambios. True?

No problem changing TCs at banks and cambios but expect Pesos at the official rate I would think (don't think you can change them for $US cash and then seek a better rate elsewhere.

You have to declare at the airport if you carry an "ammount equal or superior U$S10000 in cash or monetary instrument or another foreing equivalent" (quoted word for misspelled word) which is pretty standard in most countries - the regulation that is not the misspelling

Anyone have any recent experience at borders - are there opportunities on the International Bridge at Iguazu to change $US for pesos at a favourable rate?

With reference to a post above, is there a limit to the amount of cash a tourist can bring into Argentina? Also, my wife and I will be in Argentina for 2 months, so it sounds like we should bring as many $USD with us as is prudent. Are travelers checks a reasonable way to do this? I've read that they can be exchanged at banks and cambios. True?

Yes.... bring as much as you think you will spend, as long as its not more than US$10,000 per person. Also, if you will need more than 10 grand, I suggest that you and your wife do immigration and customs one at a time.

TC's will not get your US$ cash, so as noted in the post above, cash is the only way to get a better exchange rate.

Thanks. Two more questions. How can you identify counterfeit pesos and are there any issues regarding the size or condition of $USD? We have been places where they wouldn't accept the smallest tear in a bill.

Thanks. Two more questions. How can you identify counterfeit pesos and are there any issues regarding the size or condition of $USD? We have been places where they wouldn't accept the smallest tear in a bill.

Condition of bills is important, but no where as picky as in SE Asia where I know of various markets that will take even minor tears as an excuse to pay you 10-20% less for accepting the bill. Normal wear & tear will be OK here, but its best to try to get decent $100 bills. The normal ATM $20's are not the best option, but they will still get changed unless they are a total wreck.

Teaching the art of identifying counterfeit currency on an Internet BB is no easy task.... I think the best advice I can give you is to be careful where you trade your currency and understand the different options available and what each option includes.

Thanks. Two more questions. How can you identify counterfeit pesos and are there any issues regarding the size or condition of $USD? We have been places where they wouldn't accept the smallest tear in a bill.

I see you will be down here for a while... email or PM me once you are in town and I can further assist you.

Cheers,
Alex / Gaucho100K

So has anybody tried to use xoom.com to send US$ to him/herself and then pick up argentine pesos at one of their contract locations in BA ?

Their published exchange rate when sending $200 is 6.11 pesos/$ with a fee of $10.50 for funding with cc and $6.75 for bank account.

\hf

There's a whole thread about using Xoom.
I just did a Xoom to myself (of $25) just to see if it would go through and how it works. It seems all set for me to pick up at More Money in BA.
If that's painless, I'll do a larger one.

Question - do the hotels require I pay in the equivalent of US dollars? I trust it doesn't make sense to convert my USD to pesos and pay that way to take advantage of the blue market exchange rate?

Some hotels publish rates in US$, but when you pay the bill, they will convert the Dollars at the official exchange rate.

Gaucho100K, will international chains like Sheraton who quote in US$ and want a credit card on check-in be happy to take Pesos in cash at the official rate on check-out?

Gaucho100K, will international chains like Sheraton who quote in US$ and want a credit card on check-in be happy to take Pesos in cash at the official rate on check-out?

They will take the pesos, but maybe slightly worse than the official rate. It seems some hotels don't adjust their exchange rates that often.

My room rate at the Sheraton last week was $121.91/night which the hotel billed on the folio as ARP566.88 the first night and ARP572.98 the next 9 nights giving an exchange rate of 4.65-4.70 which is about 1-2% off the official rates at a cambio (I'm sure they don't give you that slight premium if you try to change $US at the front desk but that is another story)
It looks like they probably adjust their exchange rate once a week and they are quite happy to accept cash pesos to settle the bill. That is of course until the government changes the rules and says that foreign tourists must pay their hotel bills in $US and the hotels must remit the hard currency to the Treasury at the official rate of exchange.

My room rate at the Sheraton last week was $121.91/night which the hotel billed on the folio as ARP566.88 the first night and ARP572.98 the next 9 nights giving an exchange rate of 4.65-4.70 which is about 1-2% off the official rates at a cambio.

That's good to know. If you had changed US$ at a blue market cambio at 6.10 and paid Sheraton at 4.70 your effective price for your room would have been just under $94. That's quite a difference.

They will take the pesos, but maybe slightly worse than the official rate. It seems some hotels don't adjust their exchange rates that often.

Just so the above does not lead to confusion.... hotels must provide an invoice denominated in Pesos. They are allowed to round up the official spot rate by up to 2%, that will be the Peso amount you have to pay them if you do so in cash. The issue of where and how you changed your US$ to get those pesos is independent from the hotels conversion rate.... what you have to know is that the hotell cannot convert the dollar rate at a value higher than 2% of the spot official exchange rate.

To check what the official rate is, you can go to a gazillion websites, Google is your friend and pick your favorite... :D

a good website for the up to the minute "blue" USD rate is

www.dolarblue.net

If you pay with a CC or exchange USD for anything lower than $6 AR- $1 USD you are getting robbed, plain and simple.

a good website for the up to the minute "blue" USD rate is

www.dolarblue.net

If you pay with a CC or exchange USD for anything lower than $6 AR- $1 USD you are getting robbed, plain and simple.

Although according to that website the buy/sell rate is 5.74/6.34 suggesting that you will get 5.74 pesos for each dollar you exchange. I didn't avail myself of the Blue Market last week so I don't know how things are on the ground so to speak.

Although according to that website the buy/sell rate is 5.74/6.34 suggesting that you will get 5.74 pesos for each dollar you exchange. I didn't avail myself of the Blue Market last week so I don't know how things are on the ground so to speak.

I think one has to be very careful with absolute statements like the one above about a certain exchange rate or else.... buy/sell spreads are very wide, and they are variable (along with the rate itself), and there are other things that make the rate change including where you transact and if it includes delivery service or note.....

I suggest shopping around and then making an informed decision... perhaps its a good thing to not have the absolute best exchange rate take the focus away from your vacation.

All the US dollars cash that I was happy to carry is now in the pocket of a certain dentist in San Isidro ;) Buying new teeth is more expensive than buying old wine.

True Hiddy, I also don' think so that there would be any other best option except ATM. I've used it several times and had no issues till now. And I also have not much choices regarding money exchanger.

For what it's anecdotally worth,

On a gringos in Chile forum, there was a recent story of a tour group set to stay at one of the high end bodegas in Mendoza who turned back from Cristo Redentor after the Argentine officials said they could not enter with more than USD $1,000 cash (they had $3,600) or the excess would be confiscated.n

Absolutely no truth to this, tourists come in with several thousand US dollars all the time into Mendoza and and elsewhere in Argentina. I live here in Mendoza and know this.

The trouble with travel forums (such as the post in the Chile forum referred to) are that there are many posts from promoters of certain areas or countries who thin it is fair game to runs down others with made-up stoires. I am taking about the story referred to , not Cada 90 dias.

A money belly is under10$. I caught hell fom the nary police as buqebus for having 600$ in twentys looked like a snoop dog video.in my hooodie font pocket [ I had to open it up and count once they as it was nothing I was free. With a money belt née a problem if you wear it well. I have muled in lots of dollars for my lifestyle in BA.

All the US dollars cash that I was happy to carry is now in the pocket of a certain dentist in San Isidro ;) Buying new teeth is more expensive than buying old wine.

Well it depends where you buy your teeth.... imagine what those molars would have cost you down-under.... ;) :p

A money belly is under10$. I caught hell fom the nary police as buqebus for having 600$ in twentys looked like a snoop dog video.in my hooodie font pocket [ I had to open it up and count once they as it was nothing I was free. With a money belt née a problem if you wear it well. I have muled in lots of dollars for my lifestyle in BA.

I dont doubt that there are some bozos at the border... but, as pointed out above, the rules are very clear, as long as you have less than US$10,000 or equivalent you are OK. However, its smart to not lie about the amount you have on you.

BTW, speaking of bozos as the border, Ive seen US Customs officers harass tourists because of how much US$ cash they had on them... the amounts were clearly below the 10,000 point and they dragged the questioning on and on.... as I say, there are idiots at all airports and wearing uniforms of all colors & countries.... just know the laws and rules and play fair, you will be OK.

BTW, speaking of bozos as the border, Ive seen US Customs officers harass tourists because of how much US$ cash they had on them... the amounts were clearly below the 10,000 point and they dragged the questioning on and on.... as I say, there are idiots at all airports and wearing uniforms of all colors & countries.... just know the laws and rules and play fair, you will be OK.

That happened to a friend of mine at CLT. Against my advice, he brought US$ 9,900 which he stupidly declared in his customs form. Well, he spent the next 2 hours sitting at the secondary inspection post, while the customs agents went through every nook and cranny of his luggage and clothes hoping to find another US$100.01 that would bring him over the limit.

From what I gathered from this thread, if I make it to Cow Do VIII, I think I'll be primarily using my Citibank debit/atm cards to withdraw pesos. If that's not a good idea, please let me know.

The trouble with travel forums (such as the post in the Chile forum referred to) are that there are many posts from promoters of certain areas or countries who thin it is fair game to runs down others with made-up stoires. I am taking about the story referred to, not Cada 90 dias.


Very good point. You have to understand that some folks that have horses in a given race may post information that helps them in their cause. The rules are 100% clear, and as long as you are under the 10,000 US Dollar equivalent you will not have any issues. It also must be said that this limit is not an Argentine thing... this number is quite universal and the same applies for most other countries. I think if you have over US$10,000 in cash when you enter the USA you must also declare it.

From what I gathered from this thread, if I make it to Cow Do VIII, I think I'll be primarily using my Citibank debit/atm cards to withdraw pesos. If that's not a good idea, please let me know.

Well... that would be the most comfortable way, but its not the most cost effective way. I would suggest bringing all your plastic but also a moderate amount of cash (US$) to cover a good portion of what your local spending will be. Depending on how many people are in your party and how much shopping you will be doing, you can estimate a per-diem for meals, drinks and transportation, and then a budget for shopping. Depending on how long you stay, Im guesing that you could bring along a maximum of US$2500-3000 which is not a huge amount of bills (ask you bank for nice Ben Franklins), and that should have your covered.

BTW, do I have you on the Cow Do interested list..??? I need to go check.

Hope you can make it for the DO !!! :D ^